{"id":"1794654183295-money-segment","slug":"wall-street-selloff-bull-market-or-correction","title":"Wall Street selloff: bull market or correction?","summary":"On Nov. 5, 2026, the S&P 500 fell 4.36% to 7,353.73, its worst day since April 2025. The Nasdaq dropped 5.52% into correction territory, and the Dow fell 1,833 points, erasing the prior day's post-election gains. About $2.9 trillion in S&P 500 market value was wiped out, a record in nominal dollars but not in percentage terms. Friday brought a partial rebound, with the S&P 500 closing at 7,376.86.\n\nThe selloff was concentrated in AI chipmakers and infrastructure stocks. Goldman Sachs' trading desk described a “spectacular” reversal after Wednesday's post-election rebound: long-only managers were caught flat-footed, and hedge funds quickly resold stocks they had just bought. The desk said the selling was mostly macro-product-driven, not single-stock liquidation, and that investor focus shifted from long-term AI demand to the pace and cost of AI deployment, financing costs, data-center political pressure, and regulatory fears.\n\nOn Nov. 5, 2026, the S&P 500 fell 4.36% to 7,353.73, and about $2.9 trillion in S&P 500 market value was erased. The “nearly $3 trillion” loss was a record in nominal dollars, not a record percentage drop.\n\nThe Nov. 5 selloff numbers are accurate: S&P 500 roughly -4.4%, Nasdaq -5.5%, Dow down more than 1,800 points. “One of the worst days” is true in dollar-value terms, but the S&P's decline was not among the worst percentage drops in history.","publishedAt":"2026-11-14T11:03:03.295Z","channel":{"id":"money","name":"Oncast Money","language":"en"},"show":"Morning Brief","verification":{"status":"verified","leadVerdict":"TRUE","notes":"TRUE: On Nov. 5, 2026, the S&P 500 fell 4.36% to 7,353.73, and about $2.9 trillion in S&P 500 market value was erased. The “nearly $3 trillion” loss was a record in nominal dollars, not a record percentage drop.\nSource: [trueseeker.com](https://www.trueseeker.com/case/2a18f46e08b4), [investing.com](https://www.investing.com/analysis/wall-streets-biggest-1day-loss-of-value-on-re (https://x.com/gabbidelapuerta/status/2119493332200235172)\n\nTRUE: The Nov. 5 selloff numbers are accurate: S&P 500 roughly -4.4%, Nasdaq -5.5%, Dow down more than 1,800 points. “One of the worst days” is true in dollar-value terms, but the S&P's decline was not among the worst percentage drops in history.\nSource: [investing.com](https://www.investing.com/news/stock-market-news/our-phones-are-exploding-goldman-sachs-dissects-historic-wall-street-crash-5005892), [trueseeke (https://x.com/ElliottForecast/status/2119538924758630621)","claims":[{"verdict":"TRUE","summary":"On Nov. 5, 2026, the S&P 500 fell 4.36% to 7,353.73, and about $2.9 trillion in S&P 500 market value was erased. The “nearly $3 trillion” loss was a record in nominal dollars, not a record percentage drop.","sourceName":"[trueseeker.com](https://www.trueseeker.com/case/2a18f46e08b4), [investing.com](https://www.investing.com/analysis/wall-streets-biggest-1day-loss-of-value-on-re","sourceUrl":"https://x.com/gabbidelapuerta/status/2119493332200235172","claim":"🚨 WARNING: THE US STOCK MARKET MAY NOT BE DONE SELLING OFF! 🇺🇸📉 Thursday's market crash was a serious wake-up call. The S&P 500 plunged 4.36% in ONE DAY, closing at 7,353.73. Nearly $3 TRILLION in stock market value disappeared. And history offers some important lessons. ","author":"James Michael Anderson (@gabbidelapuerta)"},{"verdict":"TRUE","summary":"The Nov. 5 selloff numbers are accurate: S&P 500 roughly -4.4%, Nasdaq -5.5%, Dow down more than 1,800 points. “One of the worst days” is true in dollar-value terms, but the S&P's decline was not among the worst percentage drops in history.","sourceName":"[investing.com](https://www.investing.com/news/stock-market-news/our-phones-are-exploding-goldman-sachs-dissects-historic-wall-street-crash-5005892), [trueseeke","sourceUrl":"https://x.com/ElliottForecast/status/2119538924758630621","claim":"\"The Stock Market suffered one of the Worst Days in History.\" News Headlines after Thursday's selloff S&P 500 -4.4%. Nasdaq -5.5%. Dow -1,800+ points. 📉 So is the bull market over? Or is this another correction, with the rally due to resume soon? 🤔 Our Elliott Wave count ha","author":"Elliottwave Forecast | Blue Box Method (@ElliottForecast)"}]},"sources":[{"url":"https://x.com/gabbidelapuerta/status/2119493332200235172","name":"[trueseeker.com](https://www.trueseeker.com/case/2a18f46e08b4), [investing.com](https://www.investing.com/analysis/wall-streets-biggest-1day-loss-of-value-on-re","kind":"x","verdict":"TRUE","author":"James Michael Anderson (@gabbidelapuerta)"},{"url":"https://x.com/ElliottForecast/status/2119538924758630621","name":"[investing.com](https://www.investing.com/news/stock-market-news/our-phones-are-exploding-goldman-sachs-dissects-historic-wall-street-crash-5005892), [trueseeke","kind":"x","verdict":"TRUE","author":"Elliottwave Forecast | Blue Box Method (@ElliottForecast)"}],"url":"https://oncast.fm/story/1794654183295-money-segment-wall-street-selloff-bull-market-or-correction","listenUrl":"https://oncast.fm/c/money","attribution":{"publisher":"Oncast","site":"https://oncast.fm","url":"https://oncast.fm/story/1794654183295-money-segment-wall-street-selloff-bull-market-or-correction","cite":"Cite https://oncast.fm/story/1794654183295-money-segment-wall-street-selloff-bull-market-or-correction and the original source links. Fact-check by Oncast (oncast.fm)."},"hostsSaid":[{"host":"Adam","text":"Good morning, it's Saturday."},{"host":"Bill","text":"Morning. Wall Street's Thursday shock is still the story."},{"host":"Adam","text":"James Michael Anderson posted on X a warning in capital letters: \"WARNING: THE US STOCK MARKET MAY NOT BE DONE SELLING OFF!\""},{"host":"Bill","text":"Nothing says careful analysis like the caps lock key."},{"host":"Adam","text":"But the numbers underneath the sirens are real. The S&P 500 fell four point three six percent on Thursday to seven thousand, three hundred fifty-three point seventy-three."},{"host":"Bill","text":"Almost two point nine trillion dollars of value disappeared in one day."},{"host":"Adam","text":"That is a record in dollar terms. It is not a record in percentage terms."},{"host":"Bill","text":"I keep hearing \"one of the worst days in history.\" It was bad. It was not 1987."},{"host":"Adam","text":"Right. A steep drop in dollar terms, though not one of the worst percentage crashes in history."},{"host":"Bill","text":"Elliottwave Forecast posted on X the scorecard: S&P down four point four percent, Nasdaq down five and a half, Dow down more than eighteen hundred points."},{"host":"Adam","text":"The Nasdaq fell into correction territory, and the Dow gave back its post-election bounce."},{"host":"Bill","text":"So is the bull market over? That is the question they are asking."},{"host":"Adam","text":"I don't think Thursday answered it. Goldman Sachs said the selling was macro-product-driven, not people dumping everything."},{"host":"Bill","text":"Their desk called flows \"completely panicked.\" That's their word, not mine."},{"host":"Adam","text":"But they also said rebounds can be violent. Friday proved that."},{"host":"Bill","text":"Robert Melillo posted the Friday close on X, showing the S&P 500 up slightly."},{"host":"Adam","text":"Small bounce, but it stopped the bleeding."},{"host":"Bill","text":"He also lists the Nasdaq up one point one percent. I have only seen the S&P number confirmed independently."},{"host":"Adam","text":"Fair. The confirmed picture is down hard Thursday, up slightly Friday."},{"host":"Bill","text":"Now the history crowd is out with the bounce pattern."},{"host":"Adam","text":"The Kobeissi Letter, quoted by Benzinga, says after prior four percent S&P drops, the market averaged six point seven percent gains over three months."},{"host":"Bill","text":"But an average is not a promise. Some of those drops led to more pain first."},{"host":"Adam","text":"Exactly. History gives odds, not certainty."},{"host":"Bill","text":"Investing.com's analysis found that since 1950, similar oversold readings with the S&P above its two hundred day average usually led to a bounce, not a crash."},{"host":"Adam","text":"The uncomfortable part is that oversold markets can still undershoot before they bounce."},{"host":"Bill","text":"But above the two hundred day average means the longer trend was still up."},{"host":"Adam","text":"So the burden is on the bears to prove this is more than a correction."},{"host":"Bill","text":"Exactly. One hard Thursday does not end a bull market by itself."},{"host":"Adam","text":"It can start one though. We won't know for a few weeks."},{"host":"Bill","text":"Fair pushback. The market's job now is to hold Friday's levels."},{"host":"Adam","text":"If it breaks below Thursday's low, the narrative changes fast."},{"host":"Bill","text":"And then James Michael Anderson's warning looks less like fear and more like a roadmap."},{"host":"Adam","text":"For now, I'd call him early, not wrong."},{"host":"Bill","text":"My take: the AI names had gotten way ahead of the cost of actually building all this."},{"host":"Adam","text":"The selling concentrated in chipmakers and data center stocks."},{"host":"Bill","text":"Financing costs, regulatory fear, data center politics. That's a repricing, not just panic."},{"host":"Adam","text":"That's why a correction makes sense. A new bear market? I don't see it yet."},{"host":"Bill","text":"I wouldn't go that far either. But the easy momentum trade is over."},{"host":"Adam","text":"That line will age either very well or very badly."},{"host":"Bill","text":"No promises."},{"host":"Adam","text":"If money is rotating instead of leaving, the selling can burn out quickly."},{"host":"Bill","text":"That's the question for today. Futures and overseas markets will show if Friday's bounce holds."},{"host":"Adam","text":"For now, the record dollar loss and the bounce afterward are both true."},{"host":"Bill","text":"Nobody should call Thursday calm. It was the biggest one-day loss of market value on record."},{"host":"Adam","text":"Just not the biggest percentage crash."},{"host":"Bill","text":"We'll see if Saturday brings follow-through."}]}